Brazil soymeal exports to hit record in November

Brazilian soymeal exports in November are estimated at 2.68 million metric tons, roughly 200,000 tons higher than last week’s forecast. This puts Brazil on track to set a new monthly record for shipments.

According to the grain exporters’ association Anec, the previous record was set in October last year, when Brazil exported 2.46 million tons. The main destinations for Brazilian soymeal are Europe and Asia, where it is primarily used as animal feed.

Compared to November 2024, Brazilian soymeal exports could rise by more than 950,000 tons. The increase follows a rise in export price parity in Brazil, which incentivizes shipments abroad. Analysts at Itau BBA also noted that soymeal prices rose amid maintenance shutdowns at U.S. crushing plants.

In the year through October, soymeal shipments exceeded 20 million tons, a 3.9% increase over the previous year. The projected rise in November shipments is expected to reduce domestic soymeal supply, improving margins for Brazilian crushers.

Global demand for soymeal remains strong as Brazilian farmers continue cultivating the 2025/26 crop, expected to be ready early next year. Meanwhile, soybean exports are likely to reach one of the lowest monthly levels of the year due to dwindling local supplies. Nevertheless, total shipments remain historically high, estimated at 4.71 million tons in November, according to Anec.

Tags: export, Brazil, soybean meal